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Axioms

  • Insurance is not a substitute for Risk Management
  • Insurers are not in the business of paying claims. They are merely in the business of providing payment plans for losses.
  • An insurance survey provides information for the benefit of an insurer, but  a risk management survey provides information to the benefit of your organization
  • Insurance is not an effective way to manage risk.  Avoidance, control, retention, transfer and reduction should be the first choices. They are much more cost effective.
  • Claims plus 50% = insurance premiums = not a good deal.
  • Predictable and controllable losses should never be insured.
  • Manage your business as if you had NO insurance, and then eliminate any needless insurance.
  • You probably don’t obtain your tax advice from the government, so why would you seek risk advice from an insurer?
  • Given the inevitability of losses, you’ll be judged not by whether you were the victim of an event, but by how well you planned for it.
  • You can’t manage what hasn’t been identified or measured
  • Risk identification is the first and most important step in the risk management process
  • Don’t risk a lot for a little.